New Residential Property Purchase - Repayment Schedule

Under the standard Sale & Purchase Agreement, purchasers are required to make instalment payments of the purchase price, typically referred to as progress payments, as and when the developer completes the different stages of construction of the housing project. All instalment payments up to the issue of Temporary Occupation Permit are to be paid into the Project Account which the developer is required to maintain with a bank or financial institution.

Fast Facts:

Standard Payment Scheme refers to the payment schedule set out in the standard Sale & Purchase Agreement. A Deferred Payment Scheme is a payment scheme whereby developers allow purchasers to defer the due date for the progress payments under the standard payment scheme to a later date. Besides the progress payments, other payments which a purchaser is required to make under the Sale & Purchase Agreement include property tax and maintenance charges.

Standard Payment Scheme

The time for payment and the amount of purchase price payable under the standard payment scheme is shown in the following table: Stage Payment under a standard payment scheme ( % of purchase price ) Upon the grant of Option to Purchase 5% - 10% (booking fee) Upon signing of the Sale & Purchase Agreement or within 8 weeks from the Option date 20% less booking fee Completion of foundation work 10% Completion of reinforced concrete framework of unit 10% Completion of partition walls of unit 5% Completion of roofing/ceiling of unit 5% Completion of door sub-frames/ door frames, window frames, electrical wiring, internal plastering and plumbing of unit 5% Completion of car park, roads and drains serving the housing project 5% Temporary Occupation Permit or Certificate of Statutory Completion 25% On completion date 15% Other Payments Besides the purchase price, there are other payments which a purchaser is required to make under the Sale & Purchase Agreement, such as the following:   • all property tax levied in respect of the unit after the purchaser receives from the developer the Notice of Vacant Possession.   • if the unit is in a strata-titled housing project, maintenance charges for the maintenance of the common property and the provision of cleaning and other services from the date the purchaser actually takes possession of the unit or the 15th day after the purchaser receives the Notice of Vacant Possession in respect of the unit, whichever is the earlier. More information on maintenance charges can be found in BCA's publication "Strata Living in Singapore". Source